SMBeat Indicates Strong Job Growth for Recent College Graduates
Job Growth for Young Professionals Outpaces all Other Age Groups by Over 400 Percent
SAN LEANDRO, Calif. (July 25, 2012) – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that recent college graduate job growth increased by 12.6 percent in Q2 of 2012, which outpaced all other age groups by 408 percent.
The U.S. Bureau of Labor Statistics announced the creation of 80,000 new jobs for the US economy in June, which was well below expectations. Translated to percentage terms, this represented only a 0.06 percent increase over May employment levels. By contrast, TriNet member company employment levels increased 0.87 percent, which is fourteen-fold above the national average.
The only TriNet industry sector adding jobs at a rate above the TriNet average was Information Technology (+1.6 percent).
Hiring rates at TriNet companies jumped 10.3 percent up to 3.39 percent during June. Total terminations increased 6.4 percent to 2.52 percent, which was split between 1.39 percent voluntary quits and 1.09 percent involuntary discharges. The increase in voluntary quits signals positive churn in the workforce.
The complete report is available here.
SMBeat provides a detailed analysis and a predictive forecast for trends in key human capital economic indicators for small businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months begin 7 days prior to the beginning of the current calendar month and end 7 days prior to the beginning of the next calendar month. TriNet generates payroll information by tracking real-time movements within its base of approximately 5,000 entrepreneurial businesses whose employees earn approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services. SMBeat aggregates and reports data reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations), and also provides ongoing analysis of contributing factors to these trends, including regional, industry and seasonal variables. Additional details can be found on the company’s SMBeat web page http://www.trinet.com/smbeat. Technical questions can be submitted via email to firstname.lastname@example.org.
TriNet is the cloud-based HR partner for small businesses and startups. TriNet’s solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur’s focus on core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's PEO expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.
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